After 1 year, my student loans are gone!

[mrsggrowsveg]

I started reading MMM a year ago and realized that my 6.8% student loans were an emergency.  My goal was to pay them off in one year, but it seemed impossible.  The original balance was $34,000.  I secretly expected that when I chose the payoff balance on my student loan website the screen would do something exciting like winning a game of solitaire.  That didn't happen but I will celebrate with some home brewed cider tonight.

[tracylayton]

That is absolutely awesome. Congratulations!!!

[MountainGal]

Congratulations!  Would you mind elaborating on what was involved in the plan of action you took to do so?

[mrsggrowsveg]

We made several changes this year.  We spent less, sold stuff around the house, bought a better mpg car and finally applied for that better job.  We use Mint to track expenses and it really helped eliminate unnecessary spending.  Our biggest bad spending habit was dining out and ordering things on Amazon.  We have been spending more time outdoors and at our local library.

[Sarita]

That is fantastic, and so impressive.  Congratulations, and enjoy your first weekend of freedom :)

[Elderwood17]

Congrats!  That is great.

[falcondisruptor]

Congratulations!  It must feel amazing!

[Calvawt]

Great news!  Congrats on paying such a large amount off in only a year.

[TheNorwegianGuy]

WOW! I am impressed! :) I have about the same amount in student loan now so this is very inspiring! One part of me really want to pay it off the way you did, but the interest rate is just to low that it would make any sense (about the same as inflation rate) so istead I am saving up the amount in index fonds instead and will pay it off when I have the total amount :)

[MountainGal]

We made several changes this year.  We spent less, sold stuff around the house, bought a better mpg car and finally applied for that better job.  We use Mint to track expenses and it really helped eliminate unnecessary spending.  Our biggest bad spending habit was dining out and ordering things on Amazon.  We have been spending more time outdoors and at our local library.

Nice.  Thank you.  :)

[GreyMatters]

I secretly expected that when I chose the payoff balance on my student loan website the screen would do something exciting like winning a game of solitaire.

I secretly felt the same way. I paid mine in full this year also. I declared $32k would be done in 13 months and I did it in 8.

It was anti-climactic; I thought confetti and balloons were going to drop from the ceiling when I made the final payment. Day-to-day, it's peaceful knowing they're gone.

Congrats to you!

[ruthiegirl]

Wow!!!  Congratulations!  I have been following along with your journal and you have made impressive changes.  What a great moment.

[OddOne]

Congratulations mrs! VERY impressive, Enjoy the freedom.

[VirginiaBob]

Sweet, that is like getting a really huge pay raise.

[laheart]

Congrats, what an exciting day!!!

[WESTOFTHEHUDSON]

Fabulous!

[ScienceSexSavings]

Congratulations! I hope to pay my $20k off in the first year (preferably under a year) after graduating.

[horsepoor]

Wow, that is crazy impressive!  You'll be able to really grow a 'Stache now with the money that you were funneling towards those loans.  And hey, the market has gotten a little cheaper just in time!

[livingandlearning]

That is beyond awesome!!! Congratulations!!! And congrats to GreyMatters, too! :-)

[amyable]

Congrats!  That's awesome!  We still have about $24k, but we'll be done next summer.  I can't wait!

[Murdoch]

Congratulations. The cider sounds well earned.

[Cressida]

Awesome! super impressive.

[Fi(re) on the Farm]

That's fantastic! When I paid mine off it felt like a great weight was lifted off my shoulders!